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for a full-blown fight over the debt ceiling in his first month on the job? pocket change. you heard about this idea. the trillion dollar coin to handle the debt ceiling. well, today we will tell you where it all started and whether or not it is really something president obama might use. they won't rule it out important some reason. and back to the future. the gun debate of 1994 had many lessons for the fight unfolding today. what can president obama learn from president clinton's success? good morning from washington. thursday, january 10, 2013. this is "the daily run-down." i'm chuck todd. let's get to my first read of the morning. this afternoon president obama will formally name his chief of staff, jack lew, to replace treasury secretary tim geithner. a sign the white house expects a big fight over the federal budget lew is the safe pick. he has been confirmed twice by the senate before. just in this administration. if confirmed in time, he can face his first test next month over the debt ceiling. lew is a walk among walks. described in one profile by the huffington post. quote, as ha
. with the fiscal cliff in the rear view mirror, raising the debt ceiling is washington's next big drama. we look at why its so important. >> susie: i'm susie gharib. that drama, could have a new cast member, we're learning the president will nominate jacob lew as his next treasury secretary. >> tom: and with its reputation already on the ropes, a.i.g., the big bailed-out insurer, decides against suing uncle sam. >> susie: that and more tonight on "n.b.r."! >> tom: there could soon be a new signature on the dollar bill, jacob "jack" lew is said to be the president's pick to replace treasury secretary timothy geithner. that nomination is expected tomorrow. should he be confirmed by the senate, one of lew's first challenges will be dealing with the rapidly approaching debt ceiling. darren gersh reports. >> reporter: assuming he wins senate confirmation, jacob "jack" lew will take over a treasury that is rapidly running out of cash. the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tr
at the track record in the 2011 debt ceiling negotiations he was open to pretty significant changes involving social security, medicare, the medicare retirement age. a lot of reporting suggests he was in favor of a deal to raise the medicare retirement age. are we to read anything in to use him as the point man of the negotiations in the upcoming negotiations about where the white house might end up on those questions? >> well, i tell you what republicans are saying today on capitol hill and that is that they see this as a step in the wrong direction which for progressives is probably a step in the right direction if you could follow that because they think that every time they tried to float something on entitlements, jack lew shot it down and the president much more than open than jack lew to some of those changes so i think republicans think that this is a step in the wrong direction for them. but listen. there's definitely always concern from progressives. i think that's natural. and this administration has broadly been open in words, maybe not in deeds, republicans would say, to changes
or more romantic than the debt ceiling. we could hit the limit around valentine's day, february 14. get out the roses and chocolate or go to the poconos for a romantic get away. >> you will love penn hills in the nearby poconos. >> if you're in love ♪ neil: or you can just call chuck woolery, the former love connection host could be only guy capable of bringing both sides together, chuck, i am telling you, playing tongue in cheek. but i think that nation needs someone like you to bring them together. >> do you really think i could do it? neil: i do. how would you. >> here is the method i would use. obama goes to boehner and sings a sexy al green song -- let's get it on, boehner started to cry, and puddy in obama's hand. neil: i don't know if i want to see that. >> neil, that is the way it is from now on for 4 years, i don't know about after that, but the taxes have not really kicked in. obamacare taxes have not kicked in yet. neil: you know, you did very effectively on the show, i don't read a prompter as you know, move up here -- here we go. >> you are much smarter than i am. neil: y
out of cash. the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will pay. >> even if it were clear that the treasury secretary could do that, pick and choose, the ability, the real ability to reprogram all of the software in treasury's computers which connect to all of the computer software in the various agencies is not something that can be done in ten minutes or ten days or ten weeks. so you have the right to do it, but you don't have the ability to do it. >> reporter: the treasury uses a separate computer system to make interest payments on the federal debt so it is possible investors would get what they are owed. but what happens with social security, medicare and federal employee pay, is less clear. so secretary lew would have to make a decision. he could r
deadlines over deficits, spending, debt ceiling, sequestration, and a continuing resolution to keep the government running. we also faced other domestic and international uncertainties that have the potential to drive down competence -- confidence and discourage job creation from a regulatory flood here at home to economic problems in europe and japan, to geopolitical conflicts that could erupt into war at any time. we must also be concerned about america's capacity for leadership and action, and not only in government. in this country, and this is a country that can still get big things done, do we have the leaders with the courage to put the country first ahead of their own careers, politics, ideologies and egos? can we find leaders in government who truly appreciate the role that the private sector can and must play in building a new american prosperity? the inherited of economic growth should not be an afterthought. it should be job one. economic growth must be front and center here in washington, just as it is in many state capitals across the nation, led by innovative governor
when we hit the debt ceiling right. >> the debt ceiling coming up. debt ceiling in fiscal cliff has now become 2013 issues. but us talk about another winner. this of facebook shares rally above $30 a share. we are on our way up it is a winner for facebook. >> the ipo had people screaming like a scalded champ. it is up 10% this year so it's a matter of when did you buy it. after announcing a mystery press conference for tuesday next tuesday the 15th. i looked at their peak about 160. that is pretty expensive. they got something. they have this do it hasn't called yet. >> maybe it could be a retail announcement that they have. maybe it will be a fall, streaming, or games. a lot of people are expecting that will show off their new building. >> i think it will be a new hoodie. >> let us talk about a loser bridge piers is leading the x factor after one season. she met a lot of money after one season. >> if she did you hear what is it? >> no. >> she said i quick y'all. >> to the new paula abdul is she? beating she is working on an album with will iam. >> $15 million per season. i quick y'all.
with you. the president will go around congress. if he can't get a debt ceiling, raise the debt ceiling i think he will invoke the fourteenth amendment which says the debt must be paid, he will go around congress, invoke the fourteenth amendment and say keep on spending, keep on borrowing. >> he may very well do that but that is because the republicans refuse to define the issue. instead they are defending the issue. when the conservatives or the republicans are not defining they are losing. the republicans have a chance to take the cbo numbers and define the issue and put it back on barack obama. if they do not do that then barack obama wins the day and america loses. stuart: that is exactly what is going to happen. i am sorry we are out of time. thanks for joining us and i am sure you will be waiting eagerly for governor brown's budget to be released later today. >> thank you for that. stuart: mike reagan, thanks very much. stock early on entitlements. my take on food stamps and children is next. >> announcer: you never know when, but thieves can steal your identity and turn your life u
ceiling. if congress does nothing to increase the debt ceiling by then, we could be looking at a government default. even if it is not a default on our debt and the treasury says they will prioritize interest on payments, we're still looking at at a default under government obligation. that means the treasury and the government would have the ability to go out and spend money and the treasure would not have the checks to pay. that could include dod civilian, uniform civilians, on tractors -- contractors. they would expect a check and it would not show up. that would be true for the non- defense parts of the budget as well. doctors expecting a reimbursement. that is if we go into a default situation. that is a major threat to our economy. i argue that it is a threat to our national defense. every major war the united states has fought has been financed in part through borrowing. by going into a default and not being able to pay our obligations for the first time in history, we will put at risk the full faith and credit of the united states government. the treasury has said th
the authority to raise the debt ceiling without congress? will he tried to? our handwriting expert is digitalis about the most talked-about signature. will it end up on our dollar bill? can you read that? >> from that fox business studios in new york city, it's "the willis report" with gerri willis ♪ gerri: as the debt ceiling showdown, members of the financial services round table now headed by former gop presidential candidate temple in tay are urging congress to raise the debt ceiling. failure to do so will cause a wire. will republicans caved? always great to have you on this show. what do you make of this? these and other business leaders of this country who are saying, you have to raise that debt ceiling. >> a little hypocritical. these business leaders of the same ones to say we have to do something about our enormous debt, and what will cause a wire to our nation's finances continuing to go around borrowing a trillion dollars year after year after year. the phony issue, people are saying if we don't pass the debt ceiling it's a default. that is off the table. the constitution prevents
'm doing the show in a hazmat suit so i don't get sick from bill. we are approaching the debt ceiling. do you think that congress can actually work together to get something done or is there another idea to avoided debt default? we're joined by "huffington post" reporter jennifer bendery. good morning. how are you? >> good morning. i'm good. >> peter: thanks for getting up and doing this with us. >> sure, sure, anything for bill. >> peter: for those who don't know, what the hell is the trillion dollar coin? what's this idea being floated around because when i first read it, i thought it was a joke. it turns out it's not. >> i thought the same thing. i thought it was a joke. it is kind of a joke but it turns out it has legal standing. the idea is pretty simple. essentially, if we -- if congress is unable to come up with a way to avoided hitting the debt ceiling, the idea is that basically we could mint a trillion dollar coin and give it to treasury and they could tuesday to pay off our -- to cover our debt obligations and then we wouldn't need to worry about the debt ceiling anymore. it so
and the democrats are fighting over the debt ceiling. liberals say, debt ceiling is a fiction, it's not even real, it may be the law, but it's antiquated, out of date. that's where we are now on the second amendment, where you hear people like andrew cuomo in his state of the state speech in new york last night. >> megyn: can i interrupt you on that, nothing you were going to go there, we cued up this sound and chris is going to make his point about this sound. listen to the governor of new york and we have bill clinton here, too, as well who you mentioned in power play. listen to them. >> i say to you forget the extremists, it's simple, no one hunts with an assault rifle. no one needs ten bullets to kill a deer. and too many innocent people have died already. end the madness now. i grew up in-- culture, but this is nuts. why does anybody need a 30-clip, a 30-round clip for a gun. why does anybody need one of those things that carries a hundred bullets. >> megyn: some bill clinton's was a little garbled, but why does anybody need one of those things that carries a hundred bullets. the guy in colo
still have to deal with the debt ceiling. we've surpassed legally the debt ceiling. now we're operating on these extraordinary measures. but it could be a critical decision. our focus on the economic team is critical given there's concerns over the long-term fiscal health of the company. overall, the markets are going to be cautious in thinking about, you know, it's an awkward time to be doing this transition, but it has to be done. >> yeah. meanwhile, i mean, we haven't seen treasury yields getting up to 1.9%. they have started to come back down, george. with that is 1.9, is that sort of the top of the range? if so, what is the range that we're now in? >> well, look, i think, you know, the market started out the year a little bit too worried about the fed minutes and thinking that the fed would take away stimulus and thinking that the fiscal cliff deal resolution was indicative of what still lies ahead. we think that the debt ceiling fight is going to be a long, drawn out battle. and pretty acrimonious along the way. it's going to be very difficult to sustain rates above 1.92% until yo
, witnessed in the 2011 debt ceiling fight. how do you think it plays out with the debt ceiling fight and the sequestration and the budget? >> yeah, well, i think it is very troubling because, you know, one of the conversations we've been having is that there has to be more compromise in washington if we're going to get through some of these things, and i think that this -- choosing him as treasury secretary sets us up for some very bitter fights. you know, he has basically blamed the republicans all along as the president has, and, you know -- for example, he's blamed the republicans in the senate for not passing the budget. that's completely wrong. the budget is a privileged piece of legislation that doesn't require 60 votes to get through. that's something that the democrats can do. but he wants to achieve the president's goal and he will fight the republicans every step of the way. i don't think he's interested in in any compromise. connell: he's a big part of those fights, maybe not this most recreent -- recent time, b the previous go around. >> also on the ceiling and sequester
and everything from the debt ceiling to gun control. for starters, vice-president biden saying today the president may impose gun control with an executive order. former speaker of the house, newt gingrich joins us, nice to see you, sir. >> good to be with you. i have to say, you have the most amazing program tonight that i can remember. >> greta: it's quite vast and varied let's say. >> remarkable. >> greta: don't want to miss any of it. and don't want to miss you either. tell me, the vice-president says the president may use an executive order for -- to impose gun control. your thoughts? >> well, the president can try to do almost anything if he wants to. the question is will he get away with it? the two natural stands are first, somebody will file a lawsuit, saying that it's illegal, and unconstitutional. but second, the house republicans have an opportunity when the continuing resolution comes up at the end of the march, to simply zero out the authority, to say no money shall be spent. now, that's so clear under our constitution, and goes all the way back to the magna carta, a co
to come out? you'll have the debt ceiling. until and unless that becomes a grand solution, a longer term solution where they seem like they're working together, it's very difficult to look at longs abdomen being a quarter or a half proposition. >> also looking at more volatility on the debt ceiling or, what did we just experience with the fiscal cliff? >> i know, i think it's going to be more from a price perspective. but i don't actually expect the vix to spike. the strange thing about the vix is you have to get the long positions and the options to push that up. i think this is expected volatility. i think it's going to be more of a lack of volume volatility. it's going to be one of those things where people don't want to take positions coming into that. january, i think, is going to finish positive. >> bob, thanks for joining thus morning. >> thank you. >> thank you. >>> coming up, we'll have more of the story that have us plucking this morning. plus, a new way for you to rise and is shine in the morning. plus, wake-up calls. we'll have the details when squawk comes back. some day, yo
because all he does is say no and disrupt things. now, with all of the debt ceiling stuff coming, howard, this is not the kind of guy you want in that spot. >> larry, surely you're not defending the republicans using the debt ceiling as a chip in negotiations, because if you are, i think you're as bad off as the republicans in the house. >> no, i don't want to see the debt ceiling violated or default. i do not. but i think a deal has to be made, howard. and i think -- spending cuts have to be the key part of that deal. this guy has a reputation not as a spending cutter, but as a tax hiker as steve forbes just said. >> the reason republicans don't like him, he's smarter than they are. which isn't hard to do these days. the fact of the matter is, obama's correct. you can't negotiate over the debt ceiling. it was never done before, before 2011, it should never have been done. you want to know why the dollar's down 10%? >> yes. >> because we made this ridiculous deal on the fiscal cliff that increases spending. had we gone over, the market would be up and the dollar would be stronger because
blocking hagel that's time they lose as far as the debt ceiling gun control or immigration. it's smart by the white house to draw the republicans in, and while the republicans are focusing on one issue it's like whack a mole you address something else. >> john: what are the odds they do anything about climate change? >> we haven't seen--again maybe we'll see a different approach in the second term, but having said that there is nothing from obama's past that shows he wants to go out and do these controversial things. carbon tax anything dealing with the environment, climate change, i would be surprised. if he's going to cause the freak out with the executive order of gun control, that takes up so much oxygen, and you can only have so many of those freaks outs, and he can't do it seven or eight times. >> john: i think america has seen enough g.o.p. freak outs. >> they want to do something about climate change, but it's only when the economy is humming well when we ask companies to cut down on emissions. but right now there is no room to maneuver on this at all. >> john: getting the cab
as the debt ceiling approaches and talk about the prosperity needed. >> guest: marco rubio in the senate, what to expect from him? >> guest: it's amazing he had as much dissent on the fiscal cliff deal. most republicans voted for the fiscal cliff deal whereas in the house of course it was real mess. i think marco rubio, his whole argument of nice boat to him the night of the voted 2:00 a.m. as he was walking out. he said he needed something to solve entitlement crisis not this piecemeal reform the doesn't that the problem. a lot of people interpreted that as very political, not realistic to have that big package at this time with this divided congress. he is all about these principles and that is why i think we will both continue to hear from rubio articulation of the principles. >> host: we are talking about the republican party and its leadership. stanley north carolina, republican. go ahead, you're in the air. >> caller: yes, thank you for taking my call. it's funny, i'm glad that this gentleman address this issue with boehner as the survivor. you know, i am a very writes conservative but i
of course in negotiations over the debt ceiling and potential spending cuts. the president will make his announcement at 1:30 eastern. it's an event in the east room at the white house. i have to say off the bat just because he's a forest hills guy like me that i, you know, may be a little affinity, we grew up in the same town. >> that alone could be good. >> different generation. >> maybe a technocrat is what's necessary. no one tells me this guy is acrimonious. the talks may have been. but when we're trying to figure out what to cut, maybe you just need a guy who knows his way around the budget as opposed to a federal reserve guy. i thought tim geithner did a great job, though, and i know i find myself in the minority on that, but he came to the rescue of the system in apparel husband time and i think he good a remarkable job. >> jack lew is well respected by both sides of the aisle. and also portrayed as chief tormenter to the republicans. bob woodward in his book quoted john boehner saying jack lew said no 999,000 times out of a million and then he corrected himself 999,999 out of a
. >> saying hello to scott. that's good. >> so in terms of the challenges, we've got the debt ceiling debate coming. i guess my question is are we going to be able to get in this market at better levels? do i want to wait and take to the sidelines and wait for a nice decline to actually buy because it definitely does feel like this market wants to go up. do i want to go in now or wait for a selloff? >> when the market pulls back a little bit, politicians are committed to provide volatility and uncertainty in this market. europe, experts at it and americans are learning pretty quickly in washington so as we move into the policy turmoil opportunities you'll get a chance to get in from a valuation perspective, but longer term as americans, this is the first time we've ever had a dialogue about how to actually create a fiscally stable country so we'll get better at this as it goes. if i want to be modestly bullish it's great that we're having this debate because 10, 15, 20 years from now we'll look at a more stable financial situation. >> that being said, i think the market if it pulls back, i d
the budget. whether it's the debt ceiling or sequestration or the actual budget that the u.s. hasn't created since 2009, the next six to eight months is all going to be about the budget. my sense is, i don't know whether jack lue is the guy for all four years. he's definitely the guy for the next several months. he headed the office of management and budget, that's called the omb, twice. once under clinton, and then after peter orszag left under president obama. this guy knows budgets. he knows everything about it. no learning curve. he is dropping right into the debt ceiling debate. very weird because geithner's leaving. he's got to get into it. for the immediate problem he seems eminently qualified, michael. >> heck of a job. his tenure at citigroup, he was at city group, has raised concerns in some quarters. the coo, chief operating officer, of the alternative investments unit. >> yes. >> but that basically was a unit that bet against homeowners paying their mortgage, picked up a nice million-dollar bonus check. citi was bailed out. how's that going to go over? >> that's going to come up.
the president, please don't send jack lew. during the franl jill debt ceiling negotiations of 2011. it was unbelievable, boehner said. at one point i told the president, keep him out of here. i don't need somebody who just knows how to say no. with the lew pick, all of the president's top four cabinet posts state, defendants, cia, and treasury will be white men. at every briefing this week, reporters have pepper pressed jay carney about what some have dubbed obama's white guy problem. >> this is a couple of appointments. i think it would be useful to wait and make judgments about this issue after the president has made the totality of the appointments that he will make in transition to a second term. >> reporter: of obama's 16 cabinet positions, only two are women. kathleen sebelius and homeland security, janet napolitano. the labor and commerce are open and more will likely become so. it's an usual that can catch fire as we saw during the presidential campaign. >> i went to a number of women's groups and said can can you help us find folks and they brought us binders full of women
Search Results 0 to 34 of about 35 (some duplicates have been removed)